The Spurs told Bexar County officials that it "is at least a week away from nailing down financing for its share" of the $175M SBC Center, as the team first must secure a general contractor for the project, according to Tom Bower of the SAN ANTONIO EXPRESS-NEWS. The Spurs have been negotiating with other general contractors because the team has been unable to get original contractor, a venture of the Turner and Browning construction companies, to agree on a guaranteed maximum price for the project. Spurs Exec VP Leo Gomez said that negotiations with Turner and Browning have not "broken off," but that the team is "considering" offers from other finalists for the general contractor position. Meanwhile, team officials "confirmed they are attempting to refinance the team's entire outstanding debt and line of credit along with borrowing" $28.5M to cover their share of the facility. Gomez confirmed that the team is nearly $60M in debt, and are seeking $80-100M overall. Gomez added that the Spurs are negotiating with Bank of America after talks with Chase Manhattan Bank "stalled" (EXPRESS-NEWS, 10/18). PRACTICE FACILITY: Meanwhile, Spurs Chair Peter Holt is "closing in" on a deal to build a practice facility on the northwest side of San Antonio. Originally thought to be included in the new SBC Center, the Spurs will instead "finance the facility themselves." Holt: "That leaves about $2 million or $3 million that would have been used on a private practice facility the public couldn't use, to be used on more public areas on the arena." Plans call for the practice facility to serve as the "anchor tenant of a four- building complex" on the site (EXPRESS-NEWS, 10/16).
